Problem 8-24 (Algo) Bank loan to take cash discount [LO8-1, 8-2] Neveready Flashlights Incorporated needs $361,000 to take a cash discount of 3/11, net 74. A banker will lend the money for 63 days at an interest cost of $14,100. a.What is the effective rate on the bank loan? swer as a percent rounded to 2 decimal places. Note: Use a 360-day year. Do not round intermediate calculations. Input your answer Effective rate of interest % b. How much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 74 days instead of 11 days? Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places. Cost of not taking a cash discount c. Should the firm borrow the money to take the discount? O No O Yes d. If the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $361,000? Amount to be borrowed e-1.What would be the effective interest rate in part d if the interest charge for 63 days were $12,500? Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places. Effective rate of interest e-2. Should the firm borrow with the 20 percent compensating balance requirement? (The firm has no funds to count against the compensating balance requirement.) O Yes SONO